Markets in Financial Instruments Regulation (MiFIR)
This Regulation aims to establish uniform requirements for EU financial instrument markets on transparency, transaction reporting obligations, rules on trading venues for derivatives, non-discriminatory access to clearing and to trading venues, product intervention powers and position management measures, and rules on the provision of investment services by third-country firms. Its scope covers pre-trade and post-trade transparency for shares and similar financial instruments, transparency for bonds and derivatives, trade reporting by systematic internalisers, the trading obligation for derivatives, non-discriminatory access to central counterparties, benchmark licensing obligations, and the supervisory framework for cross-border providers of investment services.
Timeline
- 2 Jul 2014Entry into force
- 3 Jan 2018Application of trading transparency rules
- 3 Jan 2018Obligation to trade derivatives on trading venues
- 3 Jan 2018Non-discriminatory access to trading venues and central counterparties
- 3 Jan 2018Registration of third-country firms and equivalence decisions
- 3 Jan 2018Position limits and position management measures
- 3 Jan 2018Transaction reporting obligation
- 3 Jan 2020Benchmark licensing obligation (Article 37)
- 3 Mar 2020AuthoritiesThe Commission to submit reports to the European Parliament and the Council after consulting ESMA (Article 52)
Key facts
- Reference
- Regulation (EU) No 600/2014
- Adopted
- 15 May 2014
- Published
- 12 Jun 2014
- Status
- In force
- Amendments
- The original dates of application were postponed by one year by Reg (EU) 2016/1033. Amended by Reg (EU) 2024/791 (in force since 28 March 2024): the double volume cap was replaced by a single volume cap, a framework for consolidated tapes was established, and receiving payment for order flow is prohibited.
- Topic
- ESG & Governance
- Industries
- Financial Services
Main compliance requirements
Paid members only
The main compliance requirements, applicability questions and penalties are available in the ZC Smart Compliance Hub. Paid members and clients can sign in to the Hub to view them.
Related legislation
- Amends Regulation (EU) No 648/2012 (Regulation on OTC derivatives, central counterparties and trade repositories)
- builds on Directive 2004/39/EC (Markets in Financial Instruments Directive)
- closely related to Directive 2014/65/EU (Markets in Financial Instruments Directive, MiFID II) and Regulation (EU) No 596/2014 (Market Abuse Regulation)
- related to Directive 2014/57/EU (Directive on criminal sanctions for market abuse).
Official sources
Regulation (EU) No 600/2014 on markets in financial instruments